 Is it better to refinance or take out a home equity loan? |
My 1st mortgage has a fixed interest rate and a 2nd mortgage that is a Line of Credit with a variable interest.
Additional Details
I don't need more cash I just want to get rid of ... |
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 I have too much debt, and not enough money, how do I get back on my feet without bankruptcy? |
| I have about 7 or 8 credit cards, house paymentt with $500/mo PMI, and a car payment. All of this along with the expenses of maintenance, utilities, and the like. How do I approach taking care of ... |
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 Does anybody know any easy ways to make money? |
| Apart from having a job because i already have one.... |
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 Has anyone received stimulus deposits today (May 9th)? |
Hello everyone
Any direct deposits received today? I was suppose to have my check today and nothing has posted. My bank does not hold deposits when they come in, they post immediately. I ... |
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 The always popular 'what if you had a million dollars' question..? |
| but in this case you have an endless amount of money..I'm talkin bill gates money.. list ONE significant way you would use it.. whether it be to buy a house for your mom or change the world ... |
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 Is it safe to take online surveys and get paid for it? |
One of the sites I found:
http://www.freepayingsur... |
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 Deadbeat friend owed me money? |
About 3 years ago, I lent a co-worker/friend $800 so that she could get caught up on her rent. She paid me back roughly $500. I was laid off from my job, but she still worked there.
I waited 3 ... |
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 I wonder how you all feel about 4.00 gas prices? |
| Just how high do you think it will go before it quits and what will happen to everyone and all our bills inbetween all ... |
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 What would you do if you were in my place?Please help quickly!!!? |
Well, i have the worse case here!!!
I am without a job, i was temping before and i have taken one bed flat and now i'm without jobs!!No money though i have asked my friends to lend me some!!... |
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 I am 2nd on the auto loan, can I have my name taken off of the credit report agencies? if yes how do I do it. ? |
| am 2nd on the auto loan, can I have my name taken off of the credit report agencies? if yes how do I do it.... |
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 Borrowed money from a friend, am I a jerk? |
| I was talking to my friend about a particularly bad time I was going through with money. I couldn't afford a house payment so he offered to let me borrow $1600.00. I accepted. This was in D... |
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 Can someone tell me if they know anyone who can refiance a home when there is no equity in it? |
| I am facing in this coming May a "dramanic" increase in my interest rate and need to refiance but do not have much equity in my house because of a house equity line of credit I have out.... |
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 If you won $40 million in the lottery, where could you safely put it? |
| Since the FDIC only insured up to $500,000, how would you distribute the money safely? Would you open 80 accounts across multiple banks? Please let me know because I plan on winning the lottery ... |
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| I am a stay at home mum who also works part time and i work from home too.....? |
| My question is does anyone have any more ideas of what i can do to secure myself and my partner fro when we retire as i am nearer to 30 and i am getting scared.We would like another baby next yr so i ... |
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 Do you like your bank? |
| I do, I think i'm the only person in the world who does....... |
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 How can I honestly make at least $1200 within two weeks? |
| Online opportunites are preferred, or otherwise anything that will not cost me anything, take much time, or require much travel. I'd also like to know how I could really get a loan with poor ... |
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Sharon J | I am selling a home. Shuld I pay off all my credit cards or invest the money? |
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scottFL007
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I tend to agree with the majority. Mostly.
Think of it this way. If your credit card is charging you 19% interest, then paying off the card is a guaranteed investment with a 19% return. You can't get returns like that in the stock market, and especially not with a guarantee!
On the other hand, if this is all the money you have, it might be bad to have no assets left for emergencies. Perhaps investing a small amount of your proceeds would be good for you. If some of your credit cards are on 8% interest, for example, you might be able to do better by investing. And ultimately, you'll need to have an investment plan for the future anyway. But these aren't the only issues.
The bigger issue, regardless of what approach you take with the windfall, is how your budget is working. If you've been seeing your credit card balances rising for years, you need to address that issue first. Otherwise, paying off the cards will only be a temporary fix. Check into some reputable organizations that can provide advice for your budget woes.
Best of luck to you. |
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homeschoolmom
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Well, that depends. Do you plan on purchasing a replacement home anytime soon (say in the next 12 months or so)? If so, hold onto the cash in short-term CDs or other low-risk investments. Continue making more than minimum payments on your credit cards ON-TIME.
Otherwise (no immediate house plans?), pay off the debts then start saving as much as you can for your next down payment or retirement.
Oh, and about the capital gains tax - as long as you (and your spouse, if married filing jointly) have lived in the house for any 24 months (summers, winters, whatever) of the last 5 years, you can each take up to $250,000 away from the deal TAX-FREE (as long as this is your primary home - it helps to have a driver's license from the state the home is in). |
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charlieandluella
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credit cards, for sure..Just compare the interest rate you're paying for the credit compaired with what you would earn...Simple |
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Wyatt Earp
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Pay off the credit cards...get rid of the interests you are paying |
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golferwhoworks
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depends on the capital gains tax. You need to look at both! |
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monkeyface
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Pay off the cards & if there is any left then invest. |
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notyou311
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You need to pay off your debts first. Your credit history could cause problems for you. |
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Tiffany
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Pay off credit cards |
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marytormeye
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Credit cards have high interest rates so you should pay those off. If you want to invest loaned money get a cheap loan, why pay for an expensive one? |
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Speedy
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Definitely pay off the credit cards. No way will you make as much investing as you are paying in interest. |
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Trudy S
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I agree with the others, pay off those cards. Then take what's left (if any) and invest that. It's always best to have some $ accessible for a rainy day. (your roof might leak and need fixing LOL) |
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